Tenable (TENB) Q4 2025 earnings summary

Executive summary

• Q4 2025 revenue grew 10.5%–11% year-over-year to $260.5M, with full-year revenue up 11% to $999.4M–$1.049B and strong recurring revenue.

• Tenable One, the AI-powered exposure management platform, drove 46% of new business and saw record adoption, adding 502 new customers in Q4.

• Recognized as a leader in exposure management by Gartner, IDC, and Forrester, with #1 market share in device vulnerability and exposure management.

• Expanded share repurchase authorization by $150M, bringing total to $338M.

• Exceeded all guided metrics for Q4 and full year 2025, with strong platform adoption and customer engagement driven by AI innovation.

Financial highlights

• Q4 revenue: $260.5M (+10.5%–11% YoY); full-year revenue: $999.4M–$1.049B (+11% YoY).

• Non-GAAP gross margin: 82.7% in Q4; full-year 82.1%.

• Non-GAAP operating income: $63.7M in Q4 (24.4% margin); $219M for the year (21.9% margin).

• Non-GAAP EPS: $0.48 in Q4; $1.59 for the year.

• Unlevered free cash flow: $87.5M in Q4; $277M for the year (27.7% of revenue).

• Calculated current billings (CCB) for Q4: $327.8M (+8% YoY); full year: $1.049B (+8%).

• Net dollar expansion rate: 106%.

Outlook and guidance

• Q1 2026 revenue expected at $257M–$260M; non-GAAP EPS: $0.39–$0.42.

• Full-year 2026 revenue guidance: $1.065B–$1.075B; non-GAAP EPS: $1.81–$1.90.

• Non-GAAP operating income for 2026: $245M–$255M (23.4% margin at midpoint).

• Unlevered free cash flow for 2026: $285M–$295M (27.1% of revenue at midpoint), with a $24M headwind from billing changes and restructuring.

• No longer providing specific guidance for calculated current billings due to billing duration changes.